Service income of a partnership firm in it's first year of operation is Rs. 4.5 Lakhs. It is not claiming any partner remuneration and incurred loss of Rs. 35000. Whether it is liable for tax audit ?
Thanks in advance
Menu
TAX audit query
Replies (3)
No.......
In 26AS, receipts u/s 194j are 4.5 Lakhs on which TDS is 45000, but client has filed ITR showing 4.5 Lakh as turnover and Rs. 35000 as loss. Is it still not liable for audit, since showing less than 8%. Please clarify
No... If it's filing u/s 44AA
Recent Threads
- Accounting entry for inherited rural agriculture s
- Epf interest taxable, tds under which header
- Tax on photocopy
- Mutual fund income reporting
- Income taxform and 44ad and 44ada
- RSU - shares sold to cover taxes
- HSN numbers
- Disclosure of Additional Income in 148 Return
- Input tax after revision of GST rate
- Is Variable Pay considered as commission?
Related Threads
CAclubindia
